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Question
From the following information calculate the amount of subscription outstanding for the year 2008-09.
A Club has 200 members each paying an annual subscription of Rs 1,000. The Receipts and Payments account for the year showed a sum of Rs 2,05,000 received as subscription.
The following additional information is provided:
|
Particulars |
Amount Rs |
|
Subscription outstanding on 31st March 2008 |
40,000 |
|
Subscription received in advance on 31st March 2009 |
30,000 |
|
Subscription received in advance on 31st March 2008 |
12,000 |
Solution
|
Subscription Account |
|||
|
Dr. |
|
|
Cr. |
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Outstanding Subscription (in the beginning) |
40,000 |
Advance Subscription (in the beginning) |
12,000 |
|
Income and Expenditure A/c (200 × Rs 1,000) |
2,00,000 |
Bank A/c (Received during the year) |
2,05,000 |
|
Advance Subscription (at the end) |
30,000 |
Subscription Outstanding (Bal. Fig.) |
53,000 |
|
|
2,70,000 |
|
2,70,000 |
|
|
|
|
|
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| Particulars | |
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